But just what does net neutrality mean? It means that Internet service providers (ISPs), mostly large cable and phone companies, keep the landscape neutral by not slowing the delivery of one service in order to speed up another.

The concept, Wu writes on a website that he created to explain net neutrality, is based on proven successes like the electric grid. It "does not care if you plug in a toaster, an iron or a computer," said Wu. (He spoke with IBD briefly, but all quotes are from his website.)

"The Internet," he said, "isn't perfect, but it aspires for neutrality."

But it's not easy to stick to a simple, standard definition of net neutrality.

ISPs "advertise that they are all about a fast, open Internet for all, so we think they should focus on delivering on their advertising," Timothy Karr, senior director of strategy for the media-advocacy group Free Press, told IBD.

'Constant Evolution'

ISPs are taking a broader view of net neutrality than Karr would like. And content firms say that they are forced to do likewise. Netflix (NASDAQ:NFLX) recently reached deals with both Comcast (NASDAQ:CMCSA) and Verizon (NYSE:VZ) to pay for faster Internet service.

"The Internet is in constant evolution ... . So we did end up choosing to pay Comcast (Verizon came later) to improve the video quality that our members experience," Netflix CEO Reed Hastings said last month. "We don't think we should have to, but in the short term, we felt like we had no choice."

Broadband ISPs such as Comcast and Verizon want the ability to charge content providers for services that eat up the most bandwidth.

After Verizon challenged the government's net neutrality rules, which had ensured that Netflix, Google (NASDAQ:GOOGL) and all other content providers could get Internet service without facing special charges, a federal appeals court in January tossed out the core of the rules. The court, though, added that the Federal Communications Commission has some authority to regulate the ISPs.

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